Hindustan Petroleum Corporation Limited has announced significant changes in its senior management team, effective May 01, 2026. The state-owned oil marketing company has formally notified stock exchanges about the leadership transition in compliance with SEBI regulations.

Management Transition Details

The changes involve the Chief Risk Officer position, marking an important leadership transition within the organization. The company has provided detailed information about both outgoing and incoming executives through official communication to ensure transparency.

Key Personnel Changes

The senior management restructuring involves two key executives with distinct reasons for the changes:

Regulatory Compliance and Communication

The announcement was made in accordance with Regulation 30 read with Schedule III Part A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has formally notified both BSE Limited and National Stock Exchange of India Limited about these changes.

The notification was digitally signed by Rakesh Kumar Singh, Company Secretary, and dated May 01, 2026. This ensures full compliance with stock exchange disclosure requirements for senior management changes in listed companies.

Professional Background

Shri Sitaram G Taparia brings substantial professional qualifications to the Chief Risk Officer role, holding degrees in B.Com along with professional certifications as Chartered Accountant (CA) and Company Secretary (CS). These credentials align well with the risk management and financial oversight responsibilities of the position.

Hindustan Petroleum Corporation Limited hindustan petroleum submitted an updated disclosure to stock exchanges on April 25, 2026, providing restoration progress following the fire incident at HPCL Rajasthan Refinery Limited (HRRL). This follows the initial incident that occurred on April 20, 2026, in the Crude Distillation Unit (CDU) section of the joint venture refinery.

Detailed Investigation Findings

Detailed investigations conducted after the incident have confirmed the initial assessment that the fire was localized in the heat exchanger stack. The investigation revealed that only 6 exchangers and their supporting equipment were impacted by the incident. Based on circumstantial evidence, the cause of fire is now suspected to be leakage from pressure gauge tapping point on the vacuum residue exchanger inlet line, providing more specific details than the initial assessment of hydrocarbon leakage through valves or flanges.

Restoration Progress and Timeline

The company has provided a comprehensive timeline for the restoration and commissioning process. Restoration work is currently in progress and is expected to be completed within the next 3-4 weeks from the April 25 update. The CDU restart is anticipated in the second fortnight of May 2026, indicating a systematic approach to bringing the facility back online.

Other secondary units are already under advanced stage of commissioning as per the original plan, suggesting that the incident's impact has been contained to the specific affected areas. The company expects trial production of main products including LPG, MS, HSD, and Naphtha to start within May 2026, followed by stabilization and full commissioning of the units.

Impact Assessment

As reported in the initial disclosure, the scheduled dedication of the refinery by the Prime Minister on April 21, 2026, was postponed as a precautionary measure. The company continues to assess the financial and operational impact, with preliminary indications suggesting it will not be material to the overall operations.

All personnel remain safe, and other sections of the refinery continue to remain unaffected by the incident. The systematic restoration approach and clear timeline demonstrate the company's commitment to bringing the facility back to full operational capacity safely and efficiently.

The updated disclosure was signed by Rajneesh Narang, Director - Finance, and communicated to both BSE Limited and National Stock Exchange of India Limited under Regulation 30 of the listing obligations.